All Forum Posts by: Rod Hanks

@Bret Allen

Welcome to BP! There is a wealth of information and valuable contacts on this forum.  I always have legal questions and I will make sure I look you up next time. If I can help you in any way, let me know.

To Your Success!!!

@Mark Allen

Congratulations Mark! I look forward to your updates.

@Matt Buchalski

Hey Matt, I have several rentals in Oak Cliff and Pleasant Grove with Section 8 tenants. In fact, I prefer Section 8 tenants over other tenants. I would love to help you.  I am a agent/investor. PM me and lets connect.

Brandon Clark That's a great creative idea! Just make sure you factor into your calculations the payment on the heloc. Make sure it cash flows and you have decent reserves. That's one of the easiest ways to buy with no money down.

J. Martin Very inspirational and motivational post! Congratulations on your success!!!!

Just ask! What is the family going to do with the house? Are y'all renting the house out or plan on selling? If the family ever decides to sell your moms house let me know...I buy houses.

@Account Closed

As long as they are paying the rent and late fees I would not evict them because of the high costs of turnovers. I would discuss the situation with them and raise the rent a reasonable amount and sign a new lease. If the market rents are 40-50% higher then they will not go anywhere and they will understand your increase.

@Ritesh Bagga

Did you buy the house? Rentals are hard to come by in that area, so it would be a great rent play until the area comes back.

@Kelton Johnson

I pulled it up and it doesn't look like it needs much work. I would say 8k for paint, sheetrock repair and make ready. Of course if you want to replace counter tops, cabinets and upgrade bathroom you could easily spend another $10-15k, but a rental ready rehab would just be about 8k. 

Here are a few comps in the same subdivision: 

4114 Justice Lane Garland $141,500   1554 sf

4201 Tynes Drive Garland $152,000   1641 sf

4030 Sweetbriar Drive Garland $124,900 1390 sf

The subject property is only 1378 sf so that puts the value at $125,000

A big plus is it's in Richardson ISD which would make it very easy to rent or sell down the road.

As a slow house hack, I would say it's a go.

I'm a HUD broker so if you want me to put the offer in for you PM me.

Shannon K. If sellers in your area expect 10% earnest money then I don't think you can negotiate around it if you are in a competitive situation. If you find a motivated seller and you are the only buyer they are talking to then yes you get what you negotiate. But if other buyers are involved and your earnest money is the lowest then you put yourself at a disadvantage.